Grab has deepened its partnership with payments platform Adyen by enabling more merchants to offer PayLater payment options to consumers and address increasing consumer demand for deferred payment methods starting in Malaysia and Singapore.
Grab financial group managing director and head of GrabPay Chris Yeo, said the company would offer PayLater to businesses, starting with the two countries. Many of its merchants are already integrated with Adyen via their existing application programming interfaces (APIs).
Yeo said merchants can now easily add deferred payment methods as another flexible option for their customers at no extra cost.
“Our strengthened partnership with Adyen will also allow us to add value to more GrabPay users by enabling them to pay now or pay later for the widest range of everyday needs in Southeast Asia – in a safe, convenient, and rewarding manner,” he said in a statement.
Adyen is a payments platform of choice for many of the world’s leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers’ globally preferred payment methods.
According to Grab, merchants will now offer PayLater payment methods at checkout, allowing customers to purchase what they want, when they want, and pay for it later without interest.
Customers will be able to choose between interest-free payments over four instalments (PayLater Instalments) or the following month (PayLater Postpaid).
After Zalora, the Southeast Asian online fashion and lifestyle destination, introduced this deferred payment method on May 1, 2021, via Adyen, it reported a 20 per cent increase in new shoppers and a 15 per cent increase in users using GrabPay to complete a purchase.
The online retailer has also seen an increase in sales as shoppers who used Grab PayLater had larger basket sizes than those who used Grab Wallets.
For example, in Malaysia, basket sizes were 32 per cent larger and in Singapore, they were 12 per cent larger.
Grab and Adyen have been partners since 2016, when the super app first selected Adyen to extend its GrabPay capabilities across Southeast Asia.
The companies work closely to ensure merchants can have the quickest way to market while optimising their workflows and increasing their revenue.
Source: New Straits Times
